1. Modern VoIP applications are incompatible with Windows 95/98
2. Hardware availability
3. Networking issues
4. Driver support
5. Obsolete Protocols
6. Performance limitations (indeed, modern audio codecs may be an issue, incl. Opus and AAC)
A 250 MHz processor can handle basic voice chat but with significant limitations, and there is much more to it when it comes to practice... so while technically a 250 MHz processor might (for historical experimentation or nostalgia), in reality it is not practical for functional use today.